WEBVTT - DOJ Sues Georgia Over Voter Law 0:00:00.800 --> 0:00:04.040 Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney, alongside 0:00:04.040 --> 0:00:06.920 my co host Matt Miller. Every business day, we bring 0:00:06.960 --> 0:00:11.520 you interviews from CEOs, market pros, and Bloomberg experts, along 0:00:11.560 --> 0:00:15.600 with essential market moving news. Find the Bloomberg Markets Podcast 0:00:15.600 --> 0:00:18.479 on Apple Podcasts or wherever you listen to podcasts, and 0:00:18.480 --> 0:00:22.560 at Bloomberg dot com slash podcast. Well, the Justice Department 0:00:22.720 --> 0:00:25.360 just today this morning is filing a lawsuit against a 0:00:25.400 --> 0:00:28.600 sweeping new Republican back voting law in Georgia, saying it 0:00:28.680 --> 0:00:34.520 represents intentional discrimination against black voters and is unconstitutional. Let's 0:00:34.600 --> 0:00:37.680 check in with the reporter on that, Storry Chris Strom. 0:00:37.720 --> 0:00:41.160 He's a national security reporter for Bloomberg News. Chris Big 0:00:41.159 --> 0:00:44.839 News Today. What do we know right now? So this 0:00:44.920 --> 0:00:47.960 is the first major action that the Justice Department under 0:00:48.080 --> 0:00:51.959 under Biden and Merrick Garland taking in regard to voting. Right, 0:00:52.400 --> 0:00:55.240 There's been a lot of criticism against the Department as 0:00:55.400 --> 0:01:00.760 Republican controlled state moved the past voting laws that critics 0:01:00.760 --> 0:01:04.200 they are really restrictive and discriminate, and um, you know, 0:01:04.240 --> 0:01:06.640 the Department has been facing a lot of pressure and 0:01:06.720 --> 0:01:10.000 today they came out with their first action, and um, 0:01:10.080 --> 0:01:13.080 you know it's against the law that uh that Georgia 0:01:13.080 --> 0:01:17.600 Governor Brian Kemp had signed in March that restricts voting 0:01:17.640 --> 0:01:24.840 access in ballot drop boxes and other things. So, Um, 0:01:25.080 --> 0:01:27.440 one of the things that we all have heard about 0:01:27.520 --> 0:01:31.440 this um Georgia law is that it makes it illegal 0:01:31.520 --> 0:01:36.640 to approach a person and give him or her food 0:01:36.720 --> 0:01:40.520 and water understanding in line to vote. Is that considered 0:01:40.800 --> 0:01:45.160 somehow racist in itself or is it more of is 0:01:45.200 --> 0:01:50.120 it more of secondary issue here? I'm having trouble understanding 0:01:50.160 --> 0:01:52.920 why you why why the Department of Justice would consider 0:01:52.960 --> 0:01:57.800 this racist. So the issue that you mentioned there is 0:01:57.840 --> 0:02:00.960 the secondary issue. So the stuff this is a complaint 0:02:01.080 --> 0:02:04.800 is really about the the other sections of the voting law. 0:02:05.400 --> 0:02:11.240 Um that that imposes new voter identification requirements. Um that Um, 0:02:11.440 --> 0:02:13.480 it's limits. What are the voter What are the voter 0:02:13.560 --> 0:02:17.839 identification requirements? Do you have to prove who you are? Somehow? Yes? 0:02:17.919 --> 0:02:20.920 You can no longer use like photo copies of of 0:02:20.919 --> 0:02:24.080 of documents. You have to original You have to use 0:02:24.080 --> 0:02:26.760 the original documents. Those could be easily doctored, right, I mean, 0:02:26.840 --> 0:02:31.600 doesn't it make sense to have to prove your identity. Sure, 0:02:31.840 --> 0:02:33.880 I mean, you know, the thing is is that you know, 0:02:33.960 --> 0:02:38.520 as as uh you know, Garland has said voting identification 0:02:38.600 --> 0:02:41.360 laws in and of themselves are not um, you know, 0:02:41.840 --> 0:02:44.519 are not are not bad. The question becomes how they're 0:02:44.560 --> 0:02:47.720 applied and what the consequences are going to be and 0:02:47.840 --> 0:02:52.600 if if they begin to um cause you know, hardships, 0:02:53.120 --> 0:02:59.960 especially targeted against you know, minorities, then there's the potential 0:03:00.160 --> 0:03:03.120 for violations of federal law. And that's what the Justice 0:03:03.160 --> 0:03:07.399 Department is alleging here. Um. You know what what Garland 0:03:07.720 --> 0:03:09.519 and uh, you know, the d o j Is saying 0:03:10.120 --> 0:03:13.959 is that this law just goes too far in terms 0:03:14.000 --> 0:03:18.040 of in terms of what it's, what it is requiring, 0:03:18.440 --> 0:03:22.799 and and how it's going to have a negative impact, 0:03:23.120 --> 0:03:27.920 especially on minorities. And that's where the kind of you know, 0:03:28.320 --> 0:03:30.880 rubber meets the road. The the issue of you know, 0:03:31.000 --> 0:03:36.240 the you know, making making it impossible or making it 0:03:36.240 --> 0:03:39.360 illegal for people to approach voters with water and food, 0:03:40.200 --> 0:03:43.360 you know, that's a much secondary issue. And um and 0:03:43.400 --> 0:03:45.920 you know critics, you know, i mean, supporters of that 0:03:46.040 --> 0:03:49.320 restriction say that voters were being harassed in line, and 0:03:49.360 --> 0:03:51.880 so it's justified to you know, put that kind of 0:03:51.880 --> 0:03:55.240 restriction out there, all right, Chris. So the Justice Department 0:03:55.280 --> 0:04:02.120 files here today the lawsuit. What are next steps? Well, 0:04:02.240 --> 0:04:04.600 the next steps are going to be that there's several 0:04:04.680 --> 0:04:07.960 lawsuits that are that have already been filed against this law, 0:04:08.160 --> 0:04:12.000 and those will probably most likely to go first into 0:04:12.120 --> 0:04:17.560 into court um, and the Justice Department will evaluate whether 0:04:17.680 --> 0:04:20.400 it's going to join in any of those lawsuits, which 0:04:20.400 --> 0:04:23.120 would be kind of a quicker avenue for the Justice 0:04:23.160 --> 0:04:25.760 Department to become involved, or if the Justice Department will 0:04:25.880 --> 0:04:29.080 sue its own track. Um. Right now, the Justice Department 0:04:29.120 --> 0:04:31.400 is pursuing its own track, and so you know, they 0:04:31.400 --> 0:04:33.360 will go into court and begin to you know, make 0:04:33.400 --> 0:04:37.520 their make their argument. And it's also possible that you know, 0:04:37.720 --> 0:04:41.039 they reached some kind of a settlement with the with 0:04:41.600 --> 0:04:46.880 Georgia UM where the you know, the governor agrees to 0:04:47.440 --> 0:04:52.000 make certain you know changes through you know, executive authority 0:04:52.160 --> 0:04:55.599 that then satisfies the Justice Department. So it's a long 0:04:55.640 --> 0:04:58.880 way to go before we know how this will play out. 0:04:59.360 --> 0:05:01.440 At the same time time, the Justice Department is saying 0:05:01.480 --> 0:05:04.680 that they're looking at other laws and other states, and 0:05:04.800 --> 0:05:07.040 they said clearly today that this was the first of 0:05:07.680 --> 0:05:11.520 many anticipated actions, and so we can probably expect that, 0:05:12.279 --> 0:05:15.120 you know, the Department will move against other laws and 0:05:15.240 --> 0:05:18.760 other states in the coming months. Chris, I wonder on 0:05:18.839 --> 0:05:22.359 a on a broader level, on a federal level, is 0:05:22.440 --> 0:05:29.960 there any um move towards taking away all of this, um, 0:05:30.600 --> 0:05:33.359 all of these misunderstandings and and putting into place of 0:05:33.400 --> 0:05:35.600 policy the likes of which we see, for example, here 0:05:35.640 --> 0:05:38.480 in Germany, when you register to vote, which you're required 0:05:38.520 --> 0:05:41.880 to do at the age of eighteen, you're issued a 0:05:41.880 --> 0:05:45.480 federal identification card and everyone has one, and there's no 0:05:46.279 --> 0:05:51.479 you know, question about, um, whether certain groups are held 0:05:51.520 --> 0:05:58.520 back for lack of these identification cards. Um, there's I mean, 0:05:58.920 --> 0:06:01.400 so you know, in the United States, the voting, the 0:06:01.520 --> 0:06:04.359 voting is voting is ran by this by the states, 0:06:04.600 --> 0:06:09.040 and there there there is no federal authority that kind 0:06:09.080 --> 0:06:11.600 of dictates. There's no you know, I mean, if you 0:06:11.640 --> 0:06:14.160 want to say, if there's a federal identification then you 0:06:14.160 --> 0:06:16.840 can say it's a driver's license, although you know passport, 0:06:18.320 --> 0:06:20.360 passport can be another one. But there you know, there's 0:06:20.400 --> 0:06:23.560 there's cutouts where um, you know, people just get state 0:06:23.560 --> 0:06:28.000 identification cards rather than like you know, an actual driver's license. Um. 0:06:28.040 --> 0:06:31.279 You know, there is talk about passing a federal legislation 0:06:31.520 --> 0:06:34.320 then that's been that's been uh, you know, installed in Congress. 0:06:34.680 --> 0:06:36.839 It's very divisive right now and it doesn't look like 0:06:36.839 --> 0:06:39.520 it's going to have the support to move forward. There 0:06:39.640 --> 0:06:43.080 is a push for UM that the Justice Department wants 0:06:43.080 --> 0:06:46.440 Congress to pass legislation that would give it the ability 0:06:46.560 --> 0:06:51.440 to UM oversee when states make changes to their election laws, 0:06:51.440 --> 0:06:53.240 that the Justice Department will kind of have to sign 0:06:53.279 --> 0:06:55.720 off on that. But I gotta say, like, you know, 0:06:56.160 --> 0:06:58.320 are you know, Congress in the United States is very 0:06:58.360 --> 0:07:00.880 deadlock right now, and it doesn't seem like any legislation 0:07:00.960 --> 0:07:03.400 is canna get through anytime soon. You know, it's clearly 0:07:03.400 --> 0:07:05.919 it's very polarized. I was just and you make a 0:07:05.920 --> 0:07:08.400 good point that it's a the fact that it's on 0:07:08.400 --> 0:07:11.160 a state basis makes it more difficult for a federal 0:07:11.640 --> 0:07:14.640 republic uh to do something like that a federal republic 0:07:14.640 --> 0:07:17.840 like Germany does. It's just that, um, you know, there's 0:07:17.880 --> 0:07:22.040 there's been so much UM strife around this issue in 0:07:22.040 --> 0:07:25.280 the United States. To me, it would make sense that 0:07:25.320 --> 0:07:28.080 you have to identify yourself, but it should also be 0:07:28.840 --> 0:07:31.240 you know, everyone should get the same kind of identification. 0:07:31.280 --> 0:07:33.880 I guess it's just a little bit more difficult in um, 0:07:33.920 --> 0:07:37.600 a United States kind of federal situation, right. And it's 0:07:37.600 --> 0:07:40.200 and it's not just the identification cards either, that's an 0:07:40.200 --> 0:07:43.040 issue in some of these states, like Georgia. It's also 0:07:43.680 --> 0:07:46.120 there's a couple of other factors too. There's also just 0:07:46.240 --> 0:07:49.960 access to to uh to to voting uh, you know, 0:07:50.520 --> 0:07:54.320 like using ballot drop boxes and and the hours of 0:07:54.360 --> 0:07:56.480 which you can vote. And what the o J is 0:07:56.480 --> 0:07:59.040 saying with the with the Georgia law is that the 0:07:59.080 --> 0:08:05.120 Georgia law live, it's uh ballot drop boxes and specifically 0:08:05.160 --> 0:08:09.760 limits them in in minority and minority uh community and 0:08:09.920 --> 0:08:13.160 off the limits the ability for people to vote during hours. 0:08:14.080 --> 0:08:16.480 All right, Well, it's a fascinating development. Will definitely follow 0:08:16.520 --> 0:08:19.160 your reporting, Chris, Thanks so much for joining us. Chris 0:08:19.160 --> 0:08:23.880 Strom is our national security reporter for Bloomberg News covering 0:08:24.080 --> 0:08:28.520 the Department of Justice suing Georgia over the new voter law. 0:08:28.600 --> 0:08:35.800 This is Bloomberg. It is Pride Month and here in 0:08:35.840 --> 0:08:40.880 New York City, NYC Pride Parade will take place this Sunday. 0:08:41.240 --> 0:08:43.000 We want to check in with Alison Witherspoon. She's the 0:08:43.080 --> 0:08:45.760 chief marketing officer fort Nissan. Allison, thanks so much for 0:08:45.880 --> 0:08:48.199 joining us. I love to get a sense of how 0:08:48.679 --> 0:08:51.080 you guys at Nissan are you know, kind of aligning 0:08:51.120 --> 0:08:56.280 yourself or interacting with this community here as we celebrate 0:08:56.320 --> 0:09:00.040 Pride Month. Yeah. Absolutely, I think we are very be 0:09:00.160 --> 0:09:03.319 proud to be a part of NYC Pride. We're actually 0:09:03.480 --> 0:09:07.840 supporters of and part of the celebrations for Pride events 0:09:07.920 --> 0:09:10.440 around the country, not just for Pride Month in the 0:09:10.480 --> 0:09:13.760 month of June, but also throughout the year. Um so 0:09:13.840 --> 0:09:19.680 our support continues actually through April with various Pride celebrations 0:09:19.679 --> 0:09:23.239 around the country. So for us from a price standpoint 0:09:23.320 --> 0:09:25.679 and how we support the l g B t Q 0:09:25.880 --> 0:09:29.360 plus community, it actually starts with our own employees and 0:09:29.400 --> 0:09:32.600 it starts internally. So we want to make sure we 0:09:32.640 --> 0:09:36.520 have a commitment to UH. We're committed to diversity, equity 0:09:36.559 --> 0:09:39.680 and inclusion, and we strive to make sure that our 0:09:39.720 --> 0:09:44.200 internal policies, our benefit packages are support for employees is 0:09:44.240 --> 0:09:48.200 inclusive of everyone. So it starts first internally and then 0:09:48.280 --> 0:09:51.560 we get into how do we support externally with the 0:09:51.720 --> 0:09:56.079 l g B t Q community. I I don't want 0:09:56.080 --> 0:09:57.720 to put it on the spot here, but I wonder 0:09:58.080 --> 0:10:02.760 about UM, this kind of position at Nissan, just in 0:10:02.840 --> 0:10:08.839 regards to Japan. UM not famously an inclusive culture. What's 0:10:08.880 --> 0:10:15.360 the lgbt Q plus situation there? Yeah, Actually I worked 0:10:15.360 --> 0:10:17.200 in Japan for a couple of years, so I was 0:10:17.280 --> 0:10:20.680 there for two thousand seventeen through two thousand nineteen, so 0:10:21.000 --> 0:10:24.480 I have direct experience in this. I think. UM. You know, 0:10:24.520 --> 0:10:28.559 obviously Asian markets are very different culturally from a support 0:10:28.559 --> 0:10:33.080 of LGBTQ communities. Actually, Nissan is a supporter of the 0:10:33.120 --> 0:10:36.839 celebration of the Tokyo Rainbow Pride Parade. UM, we also 0:10:36.880 --> 0:10:41.000 have a lot of inclusivity policies and program and training 0:10:41.320 --> 0:10:43.360 for all of our employees, and that includes in our 0:10:43.360 --> 0:10:47.600 head in our home market in Japan. Alison, give us 0:10:47.600 --> 0:10:50.360 a sense, as chief marketing officer for Nissan, how Nissan 0:10:50.880 --> 0:10:54.320 markets and promotes its products to this community, anything, anything 0:10:54.480 --> 0:10:58.920 unique that you guys are doing. I think for us 0:10:58.720 --> 0:11:02.240 at Nissan, it's not just one month. To us, it's 0:11:02.280 --> 0:11:04.440 not just the month of June. We want to be 0:11:04.600 --> 0:11:09.000 supporting and engaging with the LGBTQ community throughout the year. 0:11:09.120 --> 0:11:11.760 So this is why we have a full schedule of 0:11:11.880 --> 0:11:14.840 Pride events which we support. UM. We work with all 0:11:14.880 --> 0:11:17.000 of our regions around the country to make sure that 0:11:17.080 --> 0:11:19.719 we're supporting at a local level, so it's not just 0:11:19.880 --> 0:11:21.520 in the month of June. This is a year round 0:11:21.559 --> 0:11:24.600 support that is part of not just our our business strategy, 0:11:24.679 --> 0:11:29.200 but also our marketing strategy. And I mean, obviously it's 0:11:29.240 --> 0:11:32.040 just the right thing to do. You want to show 0:11:33.320 --> 0:11:36.120 you know more than tolerance, acceptance and and love. I 0:11:36.160 --> 0:11:39.280 don't want to sound corny, but you know that's what 0:11:39.360 --> 0:11:42.439 makes life worth living, right UM. On the on the 0:11:42.520 --> 0:11:45.040 business side of things, though, Allison does it, does it 0:11:45.120 --> 0:11:48.920 pay dividends? I mean, do you see broader acceptance from 0:11:49.040 --> 0:11:53.559 that community of your products. I think yes, we do. 0:11:53.840 --> 0:11:57.480 And obviously we know that the LGBTQ community has a 0:11:57.679 --> 0:12:01.360 very large amount of spending, so I think there's that 0:12:01.480 --> 0:12:03.319 piece of it, but we also see that when you 0:12:03.480 --> 0:12:06.240 show up and you show up authentically and not just 0:12:06.520 --> 0:12:09.120 in the month of June, we have seen very strong 0:12:09.240 --> 0:12:12.240 acceptance of our brand as well as our products from 0:12:12.280 --> 0:12:17.559 this community. That's a great message. Authenticity is important and 0:12:17.600 --> 0:12:22.679 I think consumers definitely recognize that. Alison Witherspoon talking to 0:12:22.840 --> 0:12:26.640 us as a chief marketing officer at Nissan. Really interesting, 0:12:27.000 --> 0:12:30.920 UM and cool. We focus obviously on this issue in 0:12:31.080 --> 0:12:35.960 the month and Pride Month, but certainly should be paying 0:12:36.000 --> 0:12:38.480 attention to it all year round. So Alison, thank you 0:12:38.559 --> 0:12:43.559 so much for joining us. Now, let's bring in Andrew 0:12:43.640 --> 0:12:47.280 chain in right now, chief executive officer at procure a 0:12:47.760 --> 0:12:53.440 m UM. Procure has the e t F UFO. It's 0:12:53.840 --> 0:12:56.920 not an e t F for unidentified flying objects, but 0:12:57.080 --> 0:12:59.760 rather one that it is a pure play investment in 0:13:00.520 --> 0:13:05.360 UM space and things surrounding space exploration. Andrew, thanks so 0:13:05.480 --> 0:13:10.640 much for joining us. Uh, what is UM the interest 0:13:10.880 --> 0:13:14.120 right now in uh? Pure play space e t F 0:13:14.280 --> 0:13:17.160 as we start to see you know, almost on a 0:13:17.520 --> 0:13:20.840 feel like a weekly basis, UM elon Musk putting rockets 0:13:20.960 --> 0:13:25.600 up there, and new satellite technologies coming out that even 0:13:25.880 --> 0:13:30.520 the average person can afford. You know, the the appetite 0:13:30.600 --> 0:13:34.120 force based investing is unlike any I've seen UM in 0:13:34.200 --> 0:13:38.560 my career. And there's been so many transformational technological advancement 0:13:39.040 --> 0:13:41.760 that have helped allow us to reduce the cost of 0:13:41.800 --> 0:13:44.720 sending things down into outer space. We're also even seeing 0:13:44.720 --> 0:13:48.040 it from the military and defense side of government spending, 0:13:48.360 --> 0:13:51.000 UM really ramping up space efforts as well. So we're 0:13:51.000 --> 0:13:54.440 at a really unprecedented, unprecedented time for the space industry. 0:13:55.000 --> 0:13:57.079 And uh, you know, there's a lot of companies that 0:13:57.120 --> 0:14:00.520 you can get through play exposure to these days. All right, Andrew, 0:14:00.640 --> 0:14:03.839 So looking at UFO, what are some of the big 0:14:03.920 --> 0:14:09.240 holdings in UFO? Certainly so we have companies like Virgin 0:14:09.320 --> 0:14:13.080 Galactic max are we just recently in the most recent 0:14:13.200 --> 0:14:18.040 UH rebalanced added company m d A to the fund. Um. 0:14:18.120 --> 0:14:20.920 You also have a lot of satellite operators and providers, 0:14:21.120 --> 0:14:23.960 launch companies, and even some of your diversified aerospace and 0:14:24.000 --> 0:14:26.960 defense names that are major players in the space industry, 0:14:27.040 --> 0:14:31.600 like your Blowings and your Lockey. So, um, if I 0:14:31.680 --> 0:14:35.640 look at the e t F over the last year, 0:14:36.360 --> 0:14:40.960 it's just shot up from twenty to h thirty almost 0:14:41.000 --> 0:14:43.640 thirty two. So you're looking at the game the last 0:14:44.080 --> 0:14:48.640 twelve months, what's your expectation going out a year or two? 0:14:50.040 --> 0:14:51.960 You know, I can't really make I'm not allowed to 0:14:52.000 --> 0:14:54.200 make projections. But what we what we can look at 0:14:54.320 --> 0:14:56.920 is there's various investment banks and research houses that have 0:14:57.000 --> 0:15:01.320 all started building focused space analyst team and companies like 0:15:01.400 --> 0:15:03.760 Morgan Stanley are predicting that the space industry could be 0:15:03.800 --> 0:15:07.240 over a trillion dollars by Think of America even pointing 0:15:07.320 --> 0:15:10.520 that the space economy could be roughly two point seven 0:15:10.600 --> 0:15:14.920 trillion dollars and as of the most recent Space Report, 0:15:15.000 --> 0:15:19.640 numbers in industry is currently at about four four billion. 0:15:20.120 --> 0:15:21.840 So um, you know, a lot of a lot of 0:15:21.880 --> 0:15:26.560 these analysts are pointing to broadband internet and communications really 0:15:27.120 --> 0:15:30.600 driving that growth over the next several years. Andrew, what 0:15:30.800 --> 0:15:34.000 we have you? I have to ask you about UFOs. 0:15:34.240 --> 0:15:38.680 I've generally not been a believer in UFOs, but there's 0:15:38.760 --> 0:15:42.880 been a lot of military footage, you know, I'm not 0:15:42.920 --> 0:15:45.640 sure if it's Air Force or Navy pilots, a lot 0:15:45.680 --> 0:15:49.760 of documentaries lately. Yeah, and I understand there's some Pentagon 0:15:49.960 --> 0:15:54.400 report out there. Give us what you know about that. Yes, 0:15:54.520 --> 0:15:57.720 we're we're waiting for the public release. There have been 0:15:57.760 --> 0:16:00.520 several um, you know, individuals and entities that I've been 0:16:00.920 --> 0:16:03.840 um given copies of the report already. But this was 0:16:03.920 --> 0:16:07.800 something that was passed in a coronavirus relief plan that 0:16:07.920 --> 0:16:10.600 this report would need to come out. And essentially, um, 0:16:10.640 --> 0:16:13.560 from what we're hearing that's been leaked already. Um, you know, 0:16:13.640 --> 0:16:19.080 it discusses hundreds of confirmed reports of having identified um, 0:16:19.360 --> 0:16:21.880 these UFOs or as they're now calling them, U A 0:16:22.000 --> 0:16:24.760 p s, And we don't know what they are. And 0:16:24.920 --> 0:16:27.600 so although we might not have an answer saying that, okay, 0:16:27.720 --> 0:16:31.440 these crafts that we can't identify or understand our foreign 0:16:31.440 --> 0:16:36.080 adversaries or other worldly Um, it's terrifying from from both 0:16:36.240 --> 0:16:39.480 your standpoints. One that you know, our adversaries could be 0:16:39.480 --> 0:16:42.280 a hundred years ahead of us technologically, or on the 0:16:42.360 --> 0:16:44.680 other end that um, you know, these are other worldly 0:16:45.120 --> 0:16:48.240 craft that we can't even understand. Oh I see, So 0:16:48.320 --> 0:16:51.400 you're saying it's possible that rather than aliens, these are 0:16:51.840 --> 0:16:56.520 earthly foreign adversaries. Yes, because I you know, any logical 0:16:56.640 --> 0:17:01.200 person who thinks about it rationally has to assume there 0:17:01.240 --> 0:17:04.879 are many other life forms in the universe, right, I 0:17:04.960 --> 0:17:10.520 mean it's very large and and it's very unlikely that 0:17:10.640 --> 0:17:15.600 we happen to be on the leading edge of life intelligence, 0:17:16.000 --> 0:17:19.680 right Yeah. And it's it's amazing to think that, you know, 0:17:19.720 --> 0:17:22.080 if there were other countries that were advanced enough to 0:17:22.119 --> 0:17:25.280 come up with these technologies that defy you our understanding 0:17:25.320 --> 0:17:28.040 of physics. Um, you know that they've just been sitting 0:17:28.080 --> 0:17:30.560 on these technologies and not using them for other purposes. 0:17:30.680 --> 0:17:33.000 So you know, to to think that there could be 0:17:33.080 --> 0:17:36.000 other technologies that maybe you were you're not far away 0:17:36.040 --> 0:17:39.200 from being able to understand or potentially harness and thinking 0:17:39.240 --> 0:17:42.200 about how that could advance. Uh, you know human you 0:17:42.280 --> 0:17:45.520 know space, Uh, you know desires as well as just 0:17:45.720 --> 0:17:48.560 you know, what we can learn from potentially others out 0:17:48.640 --> 0:17:50.480 there that might be a lot smarter than we are. 0:17:50.640 --> 0:17:53.720 So the fact that our government can't rule that out, 0:17:54.160 --> 0:17:56.280 I think is, you know, potentially, what could be the 0:17:56.320 --> 0:17:59.359 big takeaway from this? Yeah, if if, if there's that 0:17:59.440 --> 0:18:01.880 kind of techno ology coming from other countries on Earth 0:18:02.119 --> 0:18:05.240 that is slightly terrifying and we don't know about it. 0:18:05.359 --> 0:18:09.960 But Paul Sweeney, don't you have to assume in you know, 0:18:10.080 --> 0:18:13.359 a galaxy, that a universe that goes out thirteen billion 0:18:13.520 --> 0:18:16.800 light years that one of the I don't know how 0:18:16.880 --> 0:18:19.760 many millions of other planets there are, how many millions 0:18:19.800 --> 0:18:23.320 of their solar systems there are on on at least 0:18:23.440 --> 0:18:26.880 one of those, most likely thousands of them, life forms 0:18:26.920 --> 0:18:30.200 have developed. You know, I'm as big a Star Trek fan. 0:18:30.280 --> 0:18:32.560 I go way back to the original Star trek Um. 0:18:32.800 --> 0:18:35.800 So yes is my answer. But you know, it just 0:18:36.520 --> 0:18:39.000 it just haven't really seen any evidence. But this is 0:18:39.400 --> 0:18:41.240 this new stuff that we're seeing just recently from some 0:18:41.280 --> 0:18:44.200 of these military aircraft are are very interesting to be 0:18:44.240 --> 0:18:46.920 interesting to see what kind of conclusion the Pentagon comes 0:18:47.000 --> 0:18:49.719 up with. But Andrew, I mean, when you have all 0:18:49.800 --> 0:18:52.920 this talk about potential UFOs, is that good for the 0:18:52.960 --> 0:18:57.119 space business? I certainly think so. You know, if you 0:18:57.160 --> 0:19:00.040 look at it, you know, our ability to learn and 0:19:00.160 --> 0:19:03.399 whatever these technologies are to you know, advance us, you know, 0:19:03.640 --> 0:19:06.440 extremely quickly if we're able to figure out, you know, 0:19:06.520 --> 0:19:09.320 how to reverse engineer some of this. And from your 0:19:09.359 --> 0:19:12.920 a defense standpoint, um, you've got to think that there's 0:19:12.960 --> 0:19:14.560 a there's a good chance that we could see more 0:19:14.640 --> 0:19:18.159 government and military expenditures towards space, whether it's trying to 0:19:18.200 --> 0:19:21.200 figure out how to create these technologies ourselves, whether it's 0:19:21.240 --> 0:19:24.960 just tracking, identifying, cataloging, and trying to understand where these 0:19:25.000 --> 0:19:27.879 crafts that are moving within our own airspace. So this 0:19:28.040 --> 0:19:30.520 is a national defense issue as well as you know, 0:19:30.840 --> 0:19:34.639 one that could provide opportunities is the Space Force Andrew, 0:19:34.680 --> 0:19:36.359 is still a thing. I know you spent a lot 0:19:36.400 --> 0:19:39.240 of time thinking about. This is still a thing, absolutely, 0:19:39.320 --> 0:19:42.480 and we're spending going towards space force and that's a 0:19:42.640 --> 0:19:47.800 growing branch of our military. Sweet is. At first I 0:19:47.880 --> 0:19:50.160 thought it was just like, what is this? You can't 0:19:50.160 --> 0:19:52.800 the Air Force just continue doing it? But maybe, uh, 0:19:53.359 --> 0:19:55.280 maybe they're onto something. When when are we going to 0:19:55.320 --> 0:19:58.760 see this report? Officially they were it was supposed to 0:19:58.800 --> 0:20:01.800 be released actually too day, um, and now they're saying 0:20:01.840 --> 0:20:03.560 that it could be released by the end of the month. 0:20:03.680 --> 0:20:05.680 So you know, keep keep your eyes killed. This is 0:20:05.720 --> 0:20:08.000 something that we're we're certainly looking forward to its release. 0:20:08.080 --> 0:20:11.160 And maybe he added a risk disclosure to the UFO 0:20:11.320 --> 0:20:14.880 perspectives because of potential U A T and USO risks. 0:20:14.960 --> 0:20:17.080 All right, well, it's some cool stuff. We'll have you 0:20:17.160 --> 0:20:20.040 back on Andrew Shannon. He's a chief executive officer for 0:20:20.359 --> 0:20:23.639 procure a m talking to us about UFOs, the E 0:20:23.800 --> 0:20:27.879 T F and also actually the real thing, Matt. I 0:20:27.960 --> 0:20:31.320 mean again, um, big fan of Star Trek. I'll go there, 0:20:31.480 --> 0:20:35.000 you know, Um, we'll see. But anyway, it's attracting money, 0:20:35.160 --> 0:20:37.320 so that's important to us. A Bloomberg we'll have more 0:20:37.359 --> 0:20:43.399 coming up. This is Bloomberg. Now let's get over to 0:20:43.720 --> 0:20:46.240 Ben's lavin right now, Global head of E T S 0:20:46.359 --> 0:20:50.200 n Asset Servicing at b n Y Melon, because we've 0:20:50.280 --> 0:20:56.959 seen um an interesting trend here mutual funds converting into 0:20:57.119 --> 0:20:59.080 e T s. Ben, Why are we? Why are we 0:20:59.119 --> 0:21:02.280 seeing this? What's the ben fit to investors? Well, an 0:21:02.320 --> 0:21:06.280 industry milestone occurred in March with the first ever conversion, 0:21:06.760 --> 0:21:09.119 and then a few weeks ago we saw dimensional funds 0:21:09.200 --> 0:21:13.159 convert around thirty billion in mutual fund assets the e 0:21:13.280 --> 0:21:16.200 T S, which is notable for the scale. But why 0:21:16.359 --> 0:21:19.240 is this happening? I mean really because investors are demanding 0:21:19.320 --> 0:21:23.720 it um. The market is preferring investment content delivered in 0:21:23.760 --> 0:21:26.840 the et F wrapper, and the data shows that mutual 0:21:26.920 --> 0:21:29.600 fund flows have been persistently negative and E t F 0:21:29.680 --> 0:21:33.080 flows have been persistently positive over the last several years. 0:21:33.720 --> 0:21:38.240 And the recent SEC ruling UM and regulatory developments that 0:21:38.359 --> 0:21:41.400 were adopted last year really set the stage to make 0:21:41.520 --> 0:21:46.040 this easier or asset managers to convert products and bring 0:21:46.160 --> 0:21:49.960 some of these strategies to market inside an et F rapper. 0:21:50.520 --> 0:21:53.920 But some mutual funds can transition easily to the EHF structure, 0:21:54.240 --> 0:21:56.440 but some are not well suited due to the underlying 0:21:56.480 --> 0:21:59.440 investment strategies. But this is a trend I expect to 0:21:59.520 --> 0:22:02.439 continue and it will attract a lot of attention going forward. 0:22:03.040 --> 0:22:05.639 So Ben, I'm just unclear what is the advantage to 0:22:05.880 --> 0:22:09.800 the investor for you know, going from the mutual fund 0:22:09.800 --> 0:22:14.000 structure to et F structure. Well, there are several advantages 0:22:14.040 --> 0:22:17.119 that e t F s bring UM. One certainly is 0:22:17.200 --> 0:22:21.280 around tax station and certainly UM the e t F 0:22:22.000 --> 0:22:25.760 rapper offers in many ways a better mouse trap compared 0:22:25.800 --> 0:22:28.760 to mutual funds when it comes to managing the underlying 0:22:28.880 --> 0:22:32.879 taxes UM. So the e t F structure does allow 0:22:33.880 --> 0:22:40.200 the portfolio managers to to eliminate or avoid distributing capital 0:22:40.280 --> 0:22:45.000 gains to investors compared to mutual funds. But other features 0:22:45.200 --> 0:22:48.840 that e t F s have such as daily liquidity, 0:22:49.320 --> 0:22:53.960 daily transparency UM and certainly lower fees on average in 0:22:54.040 --> 0:22:58.800 many cases is another big driver behind the trend towards 0:22:58.920 --> 0:23:02.639 e t F adoption and managers thinking about converting funds 0:23:02.800 --> 0:23:05.800 into the e t F rapper. What are the drawbacks 0:23:06.040 --> 0:23:07.879 of an e of an e t F rapper A 0:23:08.480 --> 0:23:12.800 mutual fund. Well, I think UM, you know, the drawbacks 0:23:12.840 --> 0:23:18.199 are few, but the process is UM, you know, somewhat complicated. UM. 0:23:18.320 --> 0:23:23.600 And for investors who have bought their mutual fund shares 0:23:23.800 --> 0:23:27.680 directly with the company UM, they would need a brokerage 0:23:27.680 --> 0:23:31.639 account UM, where many mutual fund transfer agencies have not 0:23:32.359 --> 0:23:37.040 are not able UH to easily UM have an equity 0:23:37.160 --> 0:23:41.080 security or an equity like security on their platform UM 0:23:41.560 --> 0:23:44.359 and so that's a big piece of conversion. But but 0:23:44.520 --> 0:23:47.720 more recently, many investors are buying their mutual funds through 0:23:47.760 --> 0:23:52.520 brokerage platforms UM and so it's a quite easy conversion UM, 0:23:52.760 --> 0:23:55.600 you know, if you have those accounts in place. UM. 0:23:55.640 --> 0:23:58.760 And also many of the fund companies are offering you know, 0:23:58.920 --> 0:24:01.879 other options for asters who don't want to convert. But 0:24:02.320 --> 0:24:05.879 generally speaking, in the conversions we've seen, most investors have 0:24:06.240 --> 0:24:10.320 opted to transition their shares from a mutual fund to 0:24:10.440 --> 0:24:14.480